Commercial spaces gain more colour.

Posted On Tuesday, 11 February 2003 02:00 Published by
Rate this item
(0 votes)
Young, black and upwardly mobile businessmen are gradually gaining something of a foothold in what was traditionally white-owned business spaces.
By Masego Lehihi

Young, black and upwardly mobile businessmen are gradually gaining something of a foothold in what was traditionally white-owned business spaces.

Robert Walton, MD of Metropolitan Property Services, whose company owns 100% of Village Walk, 100% of Midlife Centre and 42% of Tyger Valley in Cape Town, says black tenancy in these upmarket malls has increased by 70% over the past three years.

Five years ago Village Walk had no black tenants. It now has four black-owned businesses, mostly hairdressers and boutiques.

One such business owner is television presenter Carol Bouwer, who owns a clothing boutique at Village Walk. Carol Bouwer Designs was opened in 2001.

Bouwer says her reason for setting up shop was to pull in middle-to upper-income blacks working in Sandton's financial district.

However, most of her clients come from as far as Pretoria, seeking her skills in coordinating a corporate look for them.

In addition, Bouwer sells clothes with an ethnic feel, mostly to tourists.

Hyde Park is another upmarket shopping mall where the number of black business tenants is increasing.

Thozi Skosana, in her late 30s, has owned kiddies boutique Jacadi for the past five years.

Cynthia Msiza, 30, has owned an upmarket shoe shop, Rodeo, for the past three years, where one will not find a pair of shoes for less than R900.

At Canal Walk in Cape Town, Maggie Rowley, a representative of the mall, says black tenancy has almost doubled since the mall opened in 2000.

Ivan Pachonick, director of retail for JHI Properties, says there is a definite increase in the take-up of tenancies and retail space by black businessmen.

This, he adds, varies from centre to centre and from location to location.

Business Times


Publisher: Business Times
Source: Masego Lehihi

Most Popular

Investec Property Fund launches first REIT sustainability-linked ESG bond in Africa

Apr 22, 2021
Darryl_Mayers_CEO
Investec Property Fund (‘IPF’ or ‘the Fund’) today became the first South African real…

EPP’s new app takes tenant relations to the next level

Apr 22, 2021
Tomasz_Trzósło
Johannesburg Stock Exchange listed EPP, Poland’s biggest retail landlord, continues to…

Rethinking office space in post pandemic SA

Apr 20, 2021
90_Rivonia_results
Since the beginning of the pandemic, one of the biggest questions in real estate has been…

4 simple rules to getting a good credit score

Apr 21, 2021
Carl_Coetzee_BetterBond_CEO
Make buying your dream home an informed purchase by knowing your credit score.

Western Cape ripe with affordable housing potential

Apr 20, 2021
Tuhf_Hi_res24
The TUHF Western Cape regional team believes that even though COVID has had an impact on…

Please publish modules in offcanvas position.